Greece is NOT heading for total economic meltdown – it is becoming a ‘zombie economy’

Eurasia Group has predicted the country will face a severe financial upheaval [Image: Getty].

Eurasia Group has predicted the country will face a severe financial upheaval [Image: Getty].

Anybody who has read Austerity – The Demolition of the Welfare State and the Rise of the Zombie Economy by Kerry-Anne Mendoza (and if not, why not?) will know what is happening in Greece.

The intention – with the International Monetary Fund as the main culprit – is to put that country under such a mountain of debt that it will sell every public service to private money and spend every Euro of GDP it ever makes in the future, simply servicing the debt it has run up.

The term for such a nation is “zombie economy”.

Oh, and you want to know the really frightening part?

That’s exactly what some of our most energetic politicians seem to have in mind for the UK, as well.

Fears were growing today Greece was heading for full economic meltdown as it struggles to repay an eye-watering international bailout.

Analyst firm the Eurasia Group has predicted the country will face a severe financial upheaval in the coming year.

Greece, which has been on the cusp of bankruptcy, is still struggling, and largely failing, to repay stinging loans from the IMF.

Source: Greece is heading for total economic meltdown – analysts | World | News | Daily Express


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9 thoughts on “Greece is NOT heading for total economic meltdown – it is becoming a ‘zombie economy’

  1. Matthew C Spratt

    I’m a little confused by this post as, most recently, the IMF have demanded that the EU to restructure Greece’s debt, including writing a large part of it off of a 20-40 year moratorium on repayments. It’s the EU, not the IMF, that are pushing for crushing debt and austerity.

    1. Mike Sivier Post author

      I think they’re just trying to get the balance right. Not too much debt because that could cause problems for their rich friends; not too little, because then they might dig their way out of it.

      1. jef

        Mike, after writing this article why are you still in favour of remaining in Europe?
        Whilst if the brexit wins there is a massive chance for Cameron to resign and the war inside the conservative party will not accept Osborne to take over hence another general election which carry a big chance to see Corbyn being elected and the country regain it’s sovereignty, it’s independance, biginning of the end of austerity as you must know in the treaty there is the article 50 which stipulate that for at least 2 years there will be no change concerning trade between Europe and GB and allowing time to change the contracts to be re defined.

    2. jef

      @ Matthew C Spratt, All the money got from the ECB and the IMF 95% went to pay the german and french banks mainly and only 5%to the people of Greece.
      The IMF want to restructure the debts but Ms Merkel refuses so the agreement is to add another 25 years (i think) to repay the totality of the debts and therefore privates mainly german are getting repaid by aquiring many grec islands at a very low prices

  2. Bill Kruse

    How is this relevant to us when we have our own central bank and the Greeks don’t? We can service any debts by printing the money. There’s no comparison between us and Greece on that level.

  3. casalealex

    Real reform of monetary and other problems is a partnership where both the country and the lender are benefitted. However, with IMF ‘reform’ the lender ends up with the assets and the country gets shafted.

    The IMF starts by writing up glowing reports by Goldman Sachs experts. “Investments will improve your revenues.” they promise. But when the revenues fall short IMF snivels, “We’re so sorry you screwed up. Give us your national treasures and we’ll renegotiate”.

  4. alhggyb

    The big difference between The UK and Greece is that we are sovereign in our own currency.

    Greece isn’t just subject to the IMF, but most importantly, the European Central Bank, which is the body that controls their money supply. They need to declare bankruptcy and go back to the Drachma. That’s the only way to get control of their economy again.

    If anything like what is happening to Greece happened in the UK, it would be by political choice, not economic necessity, and would just show how completely ignorant and clueless the political classes are about how money really works in a fiat currency economy.

    1. jef

      By Greece returning to the drachma, that’s mean the debts incured under the Greek government will be paid in drachma and not in euros, therefore the greek can print their new drachma to pay their debts like many independant and sovereign countries with their own central bank

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